UBS lowered the firm’s price target on Fortinet (FTNT) to $105 from $115 and keeps a Neutral rating on the shares. Fortinet’s Q1 results added uncertainty to the timing and magnitude of the firewall refresh, the analyst tells investors in a research note. Additionally, commentary on the macro environment sounded slightly more cautious than other cybersecurity peers, the firm says.
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Read More on FTNT:
- Fortinet price target lowered to $94 from $111 at Bernstein
- Fortinet’s Uncertain Outlook Amid Strong Q1 Results and Competitive Pressures
- Fortinet’s Financial Outlook: Hold Rating Amidst Growth Uncertainty and Macroeconomic Risks
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